M 
1.23
+1.65%
Close of 9 Nov 2026, in SEK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 164.3m
FY2016FY2025
Net income
−SEK 74.4m
FY2016FY2025
Free cash flow
−SEK 56.8m
FY2016FY2025
Shareholders' equity
SEK 112.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 164.3m | SEK 52.1m | SEK 49.6m | SEK 53.4m | SEK 94.4m | SEK 72.0m | SEK 184.5m | SEK 218.2m | SEK 115.0m | SEK 59.4m |
| Research and development | SEK 22.0m | SEK 21.6m | SEK 21.1m | SEK 19.0m | SEK 17.1m | SEK 9.8m | SEK 13.6m | SEK 12.3m | SEK 9.5m | SEK 9.9m |
| Operating income | −SEK 85.1m | −SEK 132.8m | −SEK 200.8m | −SEK 93.1m | −SEK 109.1m | −SEK 73.6m | −SEK 21.8m | SEK 35.7m | SEK 25.0m | SEK 11.2m |
| Net income | −SEK 74.4m | −SEK 129.5m | −SEK 222.2m | −SEK 87.8m | −SEK 129.5m | −SEK 116.4m | −SEK 40.3m | SEK 36.9m | SEK 23.1m | SEK 10.4m |
| Diluted earnings per share | -0.21 | -0.62 | -1.72 | -0.90 | -1.91 | -3.32 | -1.16 | 1.30 | 0.57 | 0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 412.7m | SEK 418.1m | SEK 517.6m | SEK 469.4m | SEK 491.2m | SEK 520.4m | SEK 351.7m | SEK 208.8m | SEK 96.1m | SEK 50.9m |
| Cash and short-term investments | SEK 29.3m | SEK 8.5m | SEK 20.5m | SEK 2.4m | SEK 159.2m | SEK 217.6m | SEK 111.0m | SEK 53.1m | SEK 28.7m | SEK 6.1m |
| Total liabilities | SEK 300.6m | SEK 342.8m | SEK 322.9m | SEK 285.9m | SEK 238.3m | SEK 264.5m | SEK 251.4m | SEK 45.7m | SEK 61.2m | SEK 39.1m |
| Debt | SEK 235.1m | SEK 247.8m | SEK 236.5m | SEK 244.9m | SEK 215.5m | SEK 215.6m | SEK 221.7m | SEK 34.3m | — | SEK 726,000 |
| Shareholders' equity | SEK 112.0m | SEK 75.3m | SEK 194.7m | SEK 183.5m | SEK 253.0m | SEK 255.9m | SEK 100.3m | SEK 163.1m | SEK 34.9m | SEK 11.8m |
| Shares outstanding | 351m | 210m | 129m | 98m | 68m | 35m | 35m | 28m | 40m | 40m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 36.3m | −SEK 8.2m | −SEK 66.7m | −SEK 101.4m | −SEK 63.4m | −SEK 79.7m | −SEK 72.9m | −SEK 49.6m | SEK 37.5m | SEK 4.0m |
| Capital spending | −SEK 20.5m | −SEK 62.6m | −SEK 63.9m | −SEK 69.8m | −SEK 115.3m | −SEK 53.0m | −SEK 31.3m | −SEK 10.6m | −SEK 29.2m | −SEK 6.5m |
| Free cash flow | −SEK 56.8m | −SEK 70.8m | −SEK 130.6m | −SEK 171.2m | −SEK 178.7m | −SEK 132.7m | −SEK 104.2m | −SEK 60.2m | SEK 8.3m | −SEK 2.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 81.1m | SEK 54.7m | SEK 51.5m | SEK 44.7m | SEK 62.7m | SEK 5.4m | SEK 4.3m | SEK 27.3m |
| Operating income | −SEK 6.6m | SEK 9.2m | −SEK 17.7m | −SEK 18.3m | −SEK 9.2m | −SEK 42.6m | −SEK 37.5m | −SEK 6.1m |
| Net income | SEK 392,000 | −SEK 2.6m | SEK 8.6m | −SEK 18.5m | −SEK 23.8m | −SEK 40.7m | −SEK 27.3m | −SEK 9.9m |
| Diluted earnings per share | 0.00 | -0.01 | 0.02 | -0.05 | -0.07 | -0.12 | -0.13 | -0.05 |
| Cash from operations | −SEK 14.0m | SEK 37.0m | SEK 26.0m | −SEK 11.0m | SEK 17.0m | −SEK 68.0m | −SEK 15.0m | −SEK 39.0m |
| Capital spending | −SEK 2.0m | −SEK 16.0m | −SEK 19.0m | −SEK 14.0m | −SEK 5.0m | −SEK 5.0m | −SEK 12.0m | −SEK 7.0m |
| Free cash flow | −SEK 16.0m | SEK 21.0m | SEK 7.0m | −SEK 25.0m | SEK 12.0m | −SEK 73.0m | −SEK 27.0m | −SEK 46.0m |
| Total assets | SEK 578.6m | SEK 549.1m | SEK 412.7m | SEK 423.2m | SEK 486.6m | SEK 415.1m | SEK 418.1m | SEK 437.1m |
| Cash and short-term investments | SEK 125.9m | SEK 149.5m | SEK 29.3m | SEK 24.2m | SEK 53.1m | SEK 14.3m | SEK 8.5m | SEK 38.7m |
| Debt | SEK 127.0m | SEK 126.9m | SEK 235.1m | SEK 194.5m | SEK 196.8m | SEK 199.2m | SEK 247.8m | SEK 252.2m |
| Shareholders' equity | SEK 341.9m | SEK 340.0m | SEK 112.0m | SEK 109.6m | SEK 128.4m | SEK 117.4m | SEK 75.3m | SEK 97.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 45.5% | 18.0% | 18.2% |
| Operating income | -3.0% | 2.9% | 21.5% |
| Net income | -5.4% | -8.5% | 24.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -100.7% | -160.2% | -142.9% | -60.0% |
| Net margin | -94.2% | -160.9% | -156.4% | -67.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.5 | -2.4 | -0.7 | -4.7 | -2.9 | -1.2 | -7.5 | 6.4 |
| Price to sales | 2.9 | 5.9 | 3.0 | 7.8 | 4.0 | 1.9 | 1.6 | 1.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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